I am a few days late in preparing my net worth update, and I know exactly why – I am not looking forward to it! Combine spending a ton (which is starting to feel like a theme here) with a flat to down market and it leads to mediocre to shitty results. I often think about whether monthly check ins are actually healthy for me! For right now, I can’t imagine doing anything else, so we move on.

Calculating my Net Worth

My Family’s Assets

While I have several asset categories, I don’t think they are particularly complicated.

  • Cash Equivalents – A few months ago I calculated how much cash I would like to have on hand, and I am woefully short of that. This is going to be a massive grind to get me to my desired number, but I am up for it!
  • My Trading Account – This one account is both where I invest in my dividend growth companies and risky speculative option trades.  Early this year I decided how I am going to handle the account in 2024. Been going strong ever since!
  • My 401(k) – My 401(k) has some terrible investment options that have ridiculous fees, but I get a match so I have to participate. I think I increased my contributions last month, I will check it next paycheck.
  • My Traditional IRA – Just some companies that have caught my attention at some point or another. I wrote last month, “I think in Q1 I’d like to take a more intentional approach to this account.” I failed in Q1, but I won’t fail in Q2. I reviewed and updated the account.
  • The Wife’s Roth IRA – Again, some companies that have caught my attention at some point or another. I wrote last month, “I think in Q1 I’d like to take a more intentional approach to this account.” I failed in Q1, but I won’t fail in Q2. I reviewed and updated the account.
  • The Wife’s SEP IRA – The Wife was talking to my father in law a few years back who told her that she should have a SEP IRA, and since she is funding it with business proceeds, I was not going to argue. We were contributing $100/week to the account, but that has stopped since her business is really on the decline. It is my hope that some time this year she can start it back up again.
  • Crypto Currency – This account was basically started for FOMO purposes. It is a shitty reason, but it is mine nonetheless. Looks like I am back to about even with the account, but I stopped the automatic deposits and plan on largely ignoring it for now. Well hello! Bitcoin has ripped higher YTD, again I am just going to ignore the account, but interesting nonetheless.
  • Life Insurance Cash Surrender Value – As described I own a number of permanent, cash value whole life insurance policies. Since the cash is accessible I include it in my net worth statement. This money is also accessible via a loan against the cash value. I have plenty of posts about paying it back and then pulling it back out and then paying it back. I am not sure if I’ll get to it in 2024, but this is fourth on my list to start paying down (after HELOC, 0% CCs and a remaining Student Loan).
  • Physical Gold – A few years back I decided to start buying physical gold, I am hoping one day to be that crazy guy with a stack of gold I can swim through. I’d like to pick up my small purchases this year.
  • My Rental Property – Every month I update a spreadsheet I keep for the minority owners of my rental property. FUCK YOU HELOC, you are dead to me right now.
  • My Main Residence – My Family’s home.

Currently, I do not include my investment club in my net worth.

My Family’s Debt

  • Law School Debt – Refinanced this to 2.6%, a year or so ago. I am aggressively paying this down this year (9% in January, another 10% in Feb and 9% in March) so I can clear out some more cash flow.
  • Mortgage and Home Debt – I have a mortgage on each home and a home equity line of credit on the rental property.
  • Consumer Credit Card Debt – I keep going from zero to a shit ton and it is killing me. I am hoping to get rid of most of it, if not all of it in 2024 and get it entirely under control.  I killed the 0% credit cards in March (helping out operation C.R.E.A.M), but as indicated above the revolving AMEX is high, like scary high. I moved the scary high amex to a 7% fixed and it will now need to be eliminated in the next year or so.

My Net Worth Change

  • Month over Month my family’s net worth decreased 1.7%!
  • Year to date my family’s net worth increased by 12%

That wasn’t as bad as I expected to be honest. I still have so much to do by year end but I honestly thought this month was going to be way worse.

Net Worth

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